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UK downturn prompts interest in foreign property
The downturn in the British property market is fuelling continued demand for foreign residences, experts have revealed.
According to FC Exchange, there is a "continuing appetite" to purchase a home overseas among Britons.
The currency specialist said this is partly because of the ongoing "turmoil" in the domestic housing market, as house prices are dropping and the credit crunch has made it difficult to get a mortgage.
Nick Fullerton, managing director of FC Exchange, added that consumers do not expect the situation to improve at any time soon.
He commented: "People appear to be keener than ever to buy property abroad and are looking for ways to tame the highly volatile currency markets to ensure they get the best deal."
This comes after Jet-to-Let magazine revealed that UK-based investors are increasingly considering putting their money into foreign markets.
The publication said this is because the inflated housing market in Britain and the limited potential for returns has put people off investing at home.
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